So you’ve decided it’s time to bring on a property manager. As property managers ourselves, here are the top 5 things we think are crucial in hiring a property management company like 606 Realty.
1. COMMUNICATION IS KEY
We at 606 believe that open communication is the foundation of a good property manager. You should always feel comfortable reaching out to them with any questions you may have or to request any documents or statements including balance sheets, accounts receivable and payable, monthly cash flow, and rent roll. Our team at 606 uses the best modern software possible to keep track of all the elements involved in your building operations including mortgage payments, rent payments, utilities, maintenance, or any upcoming projects. We have everything organized for you so it’s available upon request and automatically sent monthly. We try to learn as much as we can about our clients so that we know how best to communicate with them and take care of their properties. We understand there’s a lot that goes into property management, and it’s our job to always have a positive attitude when interacting with our clients.
2. BE FAMILIAR WITH YOUR TENANTS
Whether your tenants have lived there for 10 years or 10 days, we try to introduce ourselves to every tenant so that they can trust that their home is in good hands. We have an organized system of making maintenance requests, paying rent, and general upkeep of the building. We know that if our tenants are happy, they’re more likely to stay longer in our buildings and therefore bring in more income for our clients. When tenants move out, we screen any potential new tenants to make sure they are a good fit for the building.
3. BE FAMILIAR WITH THE MARKET & AREA
All of us at 606 Realty have a passion for real estate and with that we always try to stay up to date on the newest market trends and data. We invest time in understanding the neighborhoods that our buildings are in regarding rules and regulations, local rent rates, housing market developments, and more. Staying on top of this data helps us as property managers ensure that we are doing all that we can to take care of our clients properties and increase profits.
4. HAVE A STRATEGY & SET GOALS
Amongst the team at 606 Realty, we have over 33 years of real estate and property management experience. Over the years we have learned how important it is for us to set goals for ourselves and our clients. When we take on a new client and their properties, there are some things we consider: how many long-term tenants are there and how can we create better tenant retention? What system is in place for collecting rent and sending maintenance requests? Are the expenses too high? If so, how can we minimize them? Are there any new procedures we can put in place to better serve our clients and their tenants? How is the structure of the building? Are there any problems with the roof? Any leaks or faulty tuckpointing? Has the building been updated in the past 10 years? By doing these assessments we can better gauge the status of our clients properties and how we can improve them .
5. WORK WITH A DEDICATED MAINTENANCE CREW
Each property we manage gets a dedicated maintenance crew. They are responsible for upkeep of grounds, snow removal, landscaping, basic repairs in common areas and repairs in occupied units. This allows for one crew to become familiar with the property, saving time and the risk of repetitive repairs. If a bigger project comes up such as a roof repair or porch issue, we have the connections available to us to complete the job in a timely as cost effective manner. Rest assured that even after office hours if an emergency comes up, our clients and their tenants have access to after-hours assistance and complaints via our answering service. We want our clients to know that their buildings and their tenants are well taken care of 24/7.
We’d love to hear from you and give you a free property quote. Call us at 773-205-8300 or fill out this form and we’ll be in touch soon!